a. What was the payment size? Round to the nearest cent b. What was the size of the interest portion on the first payment? Round to the nearest cent c. What was the balance of the loan at end of the first year?
a. What was the payment size? Round to the nearest cent b. What was the size of the interest portion on the first payment? Round to the nearest cent c. What was the balance of the loan at end of the first year?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Hello this is every important so can you please help me and get it right? It’s due in 2 hours and I’m stuck so please help asap
Transcribed Image Text:Question 2 of 16
A design studio received a loan of $8,850 at 5.60% compounded semi-annually to
purchase a camera. If they settled the loan in 2 years by making semi-annual payments,
construct the amortization schedule for the loan and answer the following questions.
a. What was the payment size?
Round to the nearest cent
b. What was the size of the interest portion on the first payment?
Round to the nearest cent
c. What was the balance of the loan at end of the first year?
Round to the nearest cent
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